KANSAS CITY, Mo. — Kansas City Southern on Sunday accepted Canadian Pacific’s $300 per share merger offer, spurning Canadian National’s higher bid due to its regulatory obstacles. In a midday press release, KCS said its board had determined CP’s revised offer constituted a “Company Superior Proposal” as defined in the agreement with CN. CP extended the […]
CHICAGO — Canadian Pacific’s merger negotiations with Kansas City Southern are progressing in the wake of last week’s regulatory decision that dealt a blow to the proposed Canadian National-KCS combination. “I believe, and I have high hopes, that we will come to a place when we finish these negotiations that we will be deemed superior,” […]
KANSAS CITY, Mo. – Kansas City Southern is inching toward making Canadian Pacific its merger partner. KCS said today that it will begin merger discussions with CP after its board unanimously determined that CP’s Aug. 10 bid could be deemed superior to the agreement it reached with Canadian National in May. The U.S. Surface Transportation Board’s […]
CALGARY, Alberta – Canadian Pacific CEO Keith Creel says Tuesday’s Surface Transportation Board decision that rules out a Canadian National-Kansas City Southern merger proves what he’s been saying all along. “The ruling … confirms what we’ve always believed to be true. And I’ll use their words: A CP-KCS combination is substantially different, substantially different. Those are […]
WASHINGTON – CSX Transportation’s proposed acquisition of Pan Am Railways threatens the viability of the former Boston & Maine Hoosac Tunnel route that provides competition for CSX’s own New England main line, Canadian Pacific has told federal regulators. The vast majority of CP’s traffic to and from New England runs via Mechanicville, N.Y., and the […]
NEW HAMPTON, Iowa — Canadian Pacific emergency crews remained on site Sunday, addressing a Saturday derailment of six locomotives and 11 cars of a CP train near New Hampton. Canadian Pacific reports that one car carrying anhydrous ammonia derailed into floodwaters and leaked product. “Supporting and working closely with local emergency response officials, our priority […]
KANSAS CITY, Mo. — Kansas City Southern says Canadian Pacific’s sweetened merger offer is not sweet enough. The KCS board today rejected CP’s increased bid, saying that the $31 billion offer made on Tuesday falls short of the $33.6 billion deal it has to merge with Canadian National. KCS also said that it would reschedule […]
CALGARY, Alberta — Canadian Pacific on Tuesday sweetened its offer for Kansas City Southern in the hopes that regulatory uncertainty would unravel Canadian National’s merger agreement with KCS. CP boosted its bid by $2 billion, which values KCS at $300 per share. That’s $25 per share higher than CP’s previous offer but still $25 below […]
CALGARY, Alberta — Is Canadian Pacific preparing a higher offer for Kansas City Southern? The Wall Street Journal is reporting (paywalled) that CP’s board met today to authorize a new offer worth about $300 per share. That’s up about $25 from CP’s final offer to KCS, but still short of Canadian National’s offer that’s valued […]
Canadian National and Canadian Pacific have both announced records for Canadian grain movement in the just completed 2020-21 crop year, with CN setting a second consecutive record and CP reaching a new mark for the fourth consecutive year. CN says it moved more than 31 million metric tons of grain, bettering last year’s mark of […]
CALGARY, Alberta — Canadian Pacific is asking Kansas City Southern stockholders to vote against the railroad’s proposed merger with Canadian National. The railroad filed a proxy statement to that effect on Thursday, with Canadian Pacific CEO Keith Creel saying his railroad would have preferred not to appeal to the KCS shareholders, but that with a meeting […]
CALGARY, Alberta — Canadian Pacific set quarterly records for revenue, earnings, and adjusted operating ratio as second quarter volume bounced back from last year’s pandemic lows. “Behind those numbers obviously is a very impressive operating performance,” CEO Keith Creel says, rattling off a list of key metrics that improved, including train length and weight and […]
